In a report published Monday, BMO Capital Markets upgraded its rating on Energizer Holdings (NYSE: ENR) from Market Perform to Outperform, and reiterated its $83.00 price target.

BMO Capital noted, “We're raising our rating on ENR to OUTPERFORM before it reports earnings on November 9. In general, estimates have not been revised since ENR's September announcement that it had identified savings of $175-$200 million and planned to drop 70%-80% to earnings; our estimates are $0.08 ahead of consensus in FY13 and $0.55 ahead in FY13. Our estimates may change once we have details, but we think the focus should be on the $2 billion in operating cash flow (OCF) ENR could generate over the next three years; we estimate that the OCF growth rate will more than double to 28% between FY13 and FY15 from the 12% average between FY10 and FY12 and that it will increase to 14.3% of sales from 11.7%.”